Nickel miner INCO sets aside $216 million for investment
Nickel miner PT Vale Indonesia, whose shares are traded on the bourse under the code INCO, is planning to spend up to US$216 million to support its business this year.
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Vale Indonesia Blames Falling Nickel Price for Profit Dip
Net income at the Indonesian unit of global nickel giant Vale last year fell to less than a quarter of the figure a year earlier, unaudited results released on Thursday showed, a dramatic plunge the company blamed on lower global prices for the metal.
Vale Indonesia posted a net income of $67.5 million in 2012, down 80 percent from $333.8 million the previous year. Revenue fell to 19 percent to $967.3 million from $1.2 billion.
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